subject: The 3 Advantages Of A Mortgage Broker Calgary [print this page] So you need a mortgage and you're thinking of hiring a mortgage broker. But what exactly is a mortgage broker and how can they help you? A mortgage broker acts on your behalf as an agent or intermediary between you and the lending institutions offering home loans and mortgage products. They have in-depth knowledge of the current mortgage market, as well as an exhaustive knowledge of banks and credit unions offering mortgages.
How a mortgage broker can help is a different story. A good mortgage broker, put simply, will be able to find you the mortgage that you're looking for. To get into this topic more specifically, I've prepared a list of three ways a mortgage broker can help you.
#1 - If your mortgage broker takes the time to get to know your unique financial situation, they will be able to make a recommendation of mortgages that fit you best. Mortgage brokers are around mortgage and home loans all the time, and they are often quite astute at making recommendations. At the very least, a good mortgage broker will be able to give you a realistic list of options with several lending institutions, and guide you to the most intelligent choice.
#2 - Licensed mortgage brokers in Canada are given access to a large electronic market containing almost all lending institutions that offer mortgage products. After you have a shortlist of mortgages that interest you, the mortgage broker can use that network to locate which institutions are offering that type of mortgage. The more specific the mortgage product, the better the chance a mortgage broker can help, by finding the bank that offers just that mortgage.
#3 - Last but not least, mortgage brokers are terrific at getting your loan applications processed in a timely manner, and, more importantly, accepted. Regardless of what your credit score might be, a mortgage broker is able to take and use whatever you have, and help you get accepted. If you attempt submitting loan applications without a mortgage broker, it can often be quite tricky. For one thing, you run the risk of having multiple credit checks run on your account, which can be damaging to your credit. A mortgage broker can handle this aspect of the transaction efficiently, and professionally. It's what they're there for!
The best part about working with a mortgage broker is that you don't pay them. The banks do. Mortgage brokers are an invaluable resource when it comes time to go looking for a mortgage.
by: Mike Johnson.
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